Stuttgart, 27 July 2015 - The Supervisory Board of GFT Technologies AG (“GFT”) today approved the discontinuation of the company’s emagine division and the sale of all companies belonging to the division in Germany, France and the UK. The buyer is Financière Valérien SAS in which, on completion of the transaction, the current management team headed by Jean-François Bodin, COO for emagine on the Executive Board of GFT, and the financial investor MBO Partenaires will hold stakes. The purchase agreement is to be signed today. The transaction is subject in particular to approval by the relevant anti-trust authority in Germany. The transfer of ownership is planned for the third quarter of 2015. The parties agreed not to disclose the purchase price.
The emagine division specialises in the staffing of technology projects with freelancers and comprises five companies in Germany, France and the UK. In 2014, its 129 employees generated revenue of EUR 86.09 million and earnings before taxes (EBT) of EUR 1.66 million.
As a result of this transaction, the GFT Group is adjusting its forecast for the financial year 2015: revenue expectations have been reduced to around EUR 340 million (previously EUR 425 million). The full-year forecast for earnings before interest, taxes, depreciation and amortisation (EBITDA) has been reduced to EUR 42 million (previously EUR 44 million) and for earnings before taxes (EBT) to EUR 29 million (previously EUR 31 million). The exact impact in accordance with IFRS rules on the discontinued division’s net profit for the period have not yet been determined and will be announced together with the mid-year figures.
Jean-François Bodin will step down as a member of the Executive Board of GFT and leave GFT when the transaction is closed, but no later than on 30 September 2015.